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SOPHIA A. B. AKUFFO, J.S.C.: In this judgement the Plaintiff/Appellant/Respondent herein will be referred to as ‘the Respondent’, and the Defendants/Respondents/Appellants will be referred to as ‘the Appellants’. The 1st Appellant will also be referred to as ‘the Company’.
The brief facts underlying this appeal are that the Company was incorporated sometime in April 1991 as a limited liability company with 1,000,000 shares of no par value. Exhibit 1, the Regulations of the Company, shows that the subscribers to the Company were the 2nd Appellant, who subscribed to 600,000 shares for which the consideration payable in cash was ¢600,000.00, and Nana Osei Afriyie and the Respondent, each of whom subscribed to 200,000 shares for which the consideration payable in cash, in each case, was ¢200,000.00. According to Exhibit 1, the first Directors of the Company were the three subscribers and one D. Patrick Ewusi Sekyi.
Sometime after the Company commenced its operations, problems developed betw…